Foreign oil firms have eyed country with renewed interest since Dilma Rousseff’s impeachment

RIO DE JANEIRO—Oil major Shell is planning to continue investing heavily in Brazil as part of a bid to double its global deep water production by the early 2020s.

Shell plans to invest $10 billion in the South American nation over the next five years, Wael Sawan, the company’s executive vice president for deep water, said in an interview this week. That would come on top of the more than $30 billion in capital the company says it has...